Economic activity began the last stretch of 2021 with a consolidation of the recovery recorded in the previous months, with 70% of the productive sectors with a better performance compared to the first quarter of the year and, in some areas with a production record in almost 50 years, according to data from September, October and so far in November, as revealed in the Productive Panorama Report of the Center for Production Studies (CEP-XXI), which depends on the Ministry. of Productive Development.
Specifically, in September, 433 of 622 productive sectors (70%) improved their performance compared to the first quarter of the year, among which the branches of gastronomy, tourism, passenger transport and cultural activities stand out, as the activities that had been leading the economic improvement begin to moderate their rate of expansion.
Thus, the gradual normalization of economic activity is allowing greater homogeneity in the sectoral rates of recovery, which until now had been taking place in a way that was too uneven.
“The increase in circulation is directly impacting the activities most affected by the pandemic, such as gastronomy, tourism, recreational and cultural services, passenger transport and certain segments of the retail trade (particularly that of clothing and footwear, with a greater presence in shopping centers) “, explained the monthly Panorama of CEP-XXI.
Another of the sectors that showed a strong improvement was the hydrocarbon –Indirectly benefited from the increase in mobility–, with the consequent impact on the industrial supplier chain, which contributed to gradually making the economic recovery more homogeneous.
According to the latest Indec numbers, the economy has already slightly exceeded the level of February 2020, to which he adds that “the first advanced data for September, October and so far in November generally predict a consolidation of said recovery trend.”
That, the report noted, could indicate that “economic activity is already at levels similar to or even higher than the average for 2019.”
ECONOMIC ACTIVITY ALREADY EXCEEDS PRE-PANDEMIC LEVELS#EMAE accumulates an YoY increase of 12.8% and exceeds February 2020. For the first time since 2017, all the AI sectors grew, with a leading role in Other service activities, Hotels and restaurants and Construction. pic.twitter.com/xHf1XU56Ge
– Ministry of Economy of the Nation (@Economia_Ar) October 21, 2021
Also based on Indec data, the industry grew 1.1% monthly in September and, in annual terms, improved 14.3% compared to the same month in 2019 -with almost 80% of the sectors operating above the levels of that moment – and 8.6% compared to September 2018, while the use of installed capacity in the industry exceeded 65%, its highest level since April 2018.
As a result, the industry created jobs again in September, after four months of stability, and already has 42,000 more workers than at the end of 2019 (an increase of 3.7%).
Some of the most dynamic sectors in terms of employment were pharmaceuticals (which reached the highest level in its history, with more than 40,000 formal jobs), agricultural machinery (with the highest number of formal jobs since 2013) and certain segments of the food and beverage industry, such as beer, animal protein, animal feed or mill products, that currently have the highest number of workers for at least 25 years.
“From January to September, industrial production grew 6.0% compared to 2019, which makes it one of the fastest industrial recoveries in the world (a) Production Study Centers Report (A)
“From January to September, industrial production grew 6.0% compared to 2019, which makes it one of the fastest industrial recoveries in the world, behind China (+ 13.4%), but above other countries. such as Brazil (0.0%), Chile (+ 2.0%), Spain (-3.2%), France (-5.8%), Italy (-1.1%), India (-2, 5%), Mexico (-2.9%), Germany (-6.7%), United States (-1.3%) or Japan (-6.0%) “, the document highlighted.
Promptly, the agricultural machinery business is having the best year of the 21st century, with tractor production poised to hit the highest records since 1986, while the footwear sector reached the highest output in five years in September.
Regarding the advanced data for October and November, based on the energy consumption of the industry, in the tenth month of the year production grew 2.4% compared to October 2019 (month in which there were three working days more than in October 2021, which featured an “extra” long weekend for the October 12 holiday) with 9 out of 14 industrial sectors expanding compared to 2019.
Preliminary data from the last 4 weeks show that industrial energy consumption was the highest in four years for this time of year, surpassing by 4.4% to 2020, by 3.1% to 2019, and 2.8 % as of 2018.
